Guinea Insurance Plc says it has surpassed the N15 billion minimum capital requirement prescribed for non-life insurance companies by the National Insurance Commission (NAICOM), following the successful conclusion of its hybrid capital raising exercise. It now awaits its capital verification in the 14 days window given by NAICOM.
The Company noted that it raised approximately N12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement. Both transactions were executed in line with regulatory guidelines and received all requisite approvals from the Securities and Exchange Commission (SEC).
Ademola Abidogun, managing director/CEO, Guinea Insurance Plc said the proceeds from the capital raising exercise, when aggregated with the Company’s existing paid up capital, position Guinea Insurance Plc above the N15 billion minimum capital threshold for non-life insurers, subject to final regulatory capital verification.
He described the achievement as a significant step in the Company’s recapitalisation journey, reinforcing its commitment
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